Larry is a doctor with a standard HO-1 policy with $450,000 worth of insurance on his home, an auto insurance policy with liability limits of 100/300/50, and an additional professional liability policy that protects him against negligence and mistakes made only in his professional activities with a $500,000 limit. His daughter recently took a course in personal finance and wants to make sure her father is adequately protected from potential losses. Although she knows her father has all the standard polices, she describes a number of situations that arent always covered under standard policies. For each of the scenanios that follow, indicate either (1) which of Lamy's current coverages already protect him or (2) the correct type of coverage that would protect him against the loss described. In addition to these policies, Larry is considering an umbrella liabilty insurance policy with a limit of $1 million. Which of the following statements regarding umbrella polioes is true? If Larry causes an automobile accident and the total of other driver's medical bils and the other driver's passenger's bills is $110,000 (\$80,000 for the driver and $30,000 for the driver's passenoer), the umbrella polioy will be used to pay for $10,000. The cost of the addional umbrella policy is extremely high; therefore, k is worth it only & Larry is extremely wealthy. If Lamry cauces an automobile acodent and the other driver's medical bills total $110,000, his umbrella pobicy will Day the $10,000 not covered by his auto insurance